Commercial Real Estate & Business News – November 1, 2016

When will the homeownership rate bottom out? It’s a good question without a definite answer, but obviously we haven’t found the bottom yet. The most recent reading of 62.9% matches the historical record-low set back when the government first began tracking these data…»
Arizona taxable retail sales out-paced the national average by a factor of eight for fiscal 2016 ending June 30. While retail sales across the U.S. were up 0.6 percent for Fiscal Year 2016, Arizona is boasting a 5.3 percent jump in retail sales …»

Scottsdale’s eminent-domain lawsuit against a local tennis club owner who refused to sell property for a fire station is headed to the Arizona Court of Appeals after a Maricopa County judge ruled that Scottsdale can take “immediate possession” of the land. …»

September not seasonally adjusted (NSA) construction unemployment rates improved in 32 states and the nation on a year-over-year basis, according to analysis released Monday by Associated Builders and Contractors (ABC).…»
With the pace of apartment rental growth moderating in recent months, it stands to reason that eventually the average rent would begin ticking downward on a month-to-month basis. That began happening in September and continued with October …»